A crypto dealer and analyst is expressing an total bullish outlook on Dogecoin (DOGE) because the memecoin consolidates.
Pseudonymous analyst Altcoin Sherpa tells his 11,300 YouTube subscribers that DOGE might finally escape and soar to as excessive as $0.50.
Nevertheless, the analyst warns that DOGE has a comparatively massive market cap that might restrict its upside potential. He additionally says DOGE may very well be outperformed by different memecoins, together with Pepe (PEPE), Bonk (BONK) and dogwifhat (WIF).
“I do really suppose that DOGE will finally go check a few of these larger ranges. I believe $0.35 to $0.40 are definitely doable. At the same time as excessive as perhaps $0.50 is feasible as properly. However DOGE may need the issue the place it’s simply too large at this level… the place retail contributors may simply really feel DOGE is simply too costly from a market cap perspective and simply may need to be betting on one thing like Pepe or WIF or Bonk or all of those different kinds of large cap memes the place there’s nonetheless ample liquidity, however the upside is simply larger. So DOGE may need that subject.”
The analyst says that total DOGE has a wholesome market construction and that the memecoin might consolidate across the $0.12 stage for some time longer earlier than breaking out.
“You understand, it nonetheless seems fairly good… I believe that DOGE is simply going to cut round however finally, it’ll do fairly properly in my view.”
DOGE is buying and selling for $0.11 at time of writing, down almost 4% within the final 24 hours.
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